The CFPB said the bank ran a now-disbanded, sales goals and incentives program, and that employees illegally applied for and enrolled customers in credit card accounts without their knowledge or authorization. The bank is also charged with misusing sensitive customer information to open unauthorized “fake” accounts, starting from at least 2012.
The bank also denied sign-up bonuses to consumers due to the failure of its business processes and systems, the agency added. Tens of thousands of these consumers signed up for credit cards on the expectation they would receive special offers of cash and points, but the bank failed to honor in-person or over-the-phone applications, the CFPB said. Calling the practice “a double-dipping scheme to harvest junk fees,” the CFPB said that Bank of America harmed hundreds of thousands of consumers over several years and across multiple product lines and services.īank of America has previously paid about $23 million to customers for denial of promised rewards bonuses.
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